Thermax Limited

Thermax Limited ROCE

The Return on Capital Employed (ROCE) of Thermax Limited (THERMAX.NS) as of Nov 15, 2026 is 15.25 %. In the previous year, Return on Capital Employed (ROCE) was 13.52 % — a change of 12.74% (higher).

ROCE

15.25 %

YoY

12.74%

Last updated:

In 2025, Thermax Limited's return on capital employed (ROCE) was 15.25 %, a 12.74% increase from the 13.52 % ROCE in the previous year.

The Thermax Limited ROCE history

  • 3 Years

  • 10 Years

  • 25 Years

  • Max

ROCE
Date
ROCE
Jan 1, 2018
11.86 INR
Jan 1, 2019
9.23 INR
Jan 1, 2020
9.42 INR
Jan 1, 2021
5.81 INR
Jan 1, 2022
8.60 INR
Jan 1, 2023
12.53 INR
Jan 1, 2024
13.52 INR
Jan 1, 2025
15.25 INR
The Thermax Limited ROCE history
YEARROCEYoY
15.25 %+12.74%
13.52 %+7.96%
12.53 %+45.59%
8.60 %+48.04%
5.81 %-38.28%
9.42 %+2.00%
9.23 %-22.14%
11.86 %-10.22%
13.21 %-11.88%
14.99 %-0.34%
15.04 %-21.63%
19.19 %—

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Thermax Limited Stock analysis

What does Thermax Limited do? Thermax Limited is an Indian company based in Pune and has been in existence since 1966. The company is part of the Thermax Group and is one of the leading companies in India in the field of energy and environmental technology. The company's roots are in the production of steam boilers and thermal oil heaters. Since then, the company has continuously evolved and now offers a wide range of products and services. Thermax's business model is based on the integration of technological expertise, engineering know-how, and environmental responsibility. The company aims to increase the energy efficiency and sustainability of industries through innovative technologies and solutions. In this way, companies are encouraged to reduce environmental impact while maximizing their profits. Thermax Limited is divided into different divisions, each focused on a specific area of ​​energy and environmental technology. One of the main divisions is the construction of thermal energy plants. This involves the planning, construction, and commissioning of steam boilers, waste heat boilers, hot water boilers, burners, and heating systems. The aim is to increase energy efficiency by using waste heat and contribute to emission reduction. The second division is the business of cooling systems. Thermax specializes in the development and production of absorption chillers. These systems use thermal energy sources, such as waste heat, to generate cooling. They are used in many industries, especially in the food industry, pharmaceutical production, and airport terminals. The third division is the business of environmental plants. The company is involved in the development and production of systems for the treatment of exhaust gases, wastewater, and waste. These plants use innovative technologies to reduce environmental impact and emissions from industrial plants. Another important area is after-sales service. Thermax offers a wide range of services to its customers, including maintenance, repairs, and upgrades. These services help extend the lifespan of the equipment and improve energy efficiency. In addition to the mentioned divisions, Thermax is also specialized in the field of solar energy. The company offers a wide range of solutions aimed at using solar energy for electricity and heat generation. The product portfolio includes solar generators, solar heat exchangers, and photovoltaic modules. Thermax is committed to expanding its global presence and has managed to establish itself in more than 75 countries. In addition to the Indian market, the nearby Asian region is also important for the company. Thermax has significantly expanded its activities in this region in recent years, opening branches in Singapore, Thailand, Indonesia, Vietnam, and Malaysia. Overall, Thermax Limited has become a key player in the Indian market for energy and environmental technology. The company is committed to further expanding its global ambitions and playing a leading role in creating sustainable solutions for the industry, with the goal of reducing environmental impact and providing added value to customers. Thermax Limited is one of the most popular companies on Eulerpool.

ROCE Details

Unraveling Thermax Limited's Return on Capital Employed (ROCE)

Thermax Limited's Return on Capital Employed (ROCE) is a financial metric that measures the company's profitability and efficiency with respect to the capital employed. It is calculated by dividing earnings before interest and tax (EBIT) by the employed capital. A higher ROCE indicates that the company is effectively utilizing its capital to generate profits.

Year-to-Year Comparison

Analyzing Thermax Limited's ROCE annually provides valuable insights into its efficiency in using its capital to generate profits. An increasing ROCE indicates improved profitability and operational efficiency, whereas a decrease might signal potential issues in capital utilization or business operations.

Impact on Investments

Thermax Limited's ROCE is a critical factor for investors and analysts for evaluating the company’s efficiency and profitability. A higher ROCE can make the company an attractive investment, as it often signifies that the firm is generating adequate profits from its employed capital.

Interpreting ROCE Fluctuations

Changes in Thermax Limited’s ROCE are attributed to variations in EBIT or the capital employed. These fluctuations offer insights into the company’s operational efficiency, financial performance, and strategic financial management, assisting investors in making informed investment decisions.

Frequently Asked Questions about Thermax Limited stock

Return on Capital Employed (ROCE) of Thermax Limited is 15.25 % in 2025.

Return on Capital Employed (ROCE) of Thermax Limited changed from 13.52 % to 15.25 %, representing a 12.74% change. The value is higher than the previous year.

On Eulerpool you can find the complete historical development of Return on Capital Employed (ROCE) Thermax Limited since 2006 – with annual values, charts, and detailed analysis.

ROCE is a profitability measure and stands for Return on Capital Employed or the return on invested capital. The measure shows the ratio of operating profit to the interest-bearing capital employed. The higher the return on capital employed, the more profitable a company operates and the higher the important free cash flow. The free cash flow refers to the portion of profits that is not needed for expanding the company at the end of a period, but is available to shareholders.

A 'good' varies by industry and company stage. On Eulerpool, you can compare Return on Capital Employed (ROCE)'s Thermax Limited with sector peers and the industry average to assess whether it is attractive.

To evaluate Return on Capital Employed (ROCE)'s, it is essential to compare it with peers in the same industry and sector. On Eulerpool, you can find direct industry comparisons for Return on Capital Employed (ROCE).

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Profitability — Thermax Limited

ROEROAROCEROICAsset TurnoverInventory TurnoverReceivables TurnoverDays Sales OutstandingDays Inventory OutstandingDays Payable OutstandingCash Conversion CycleCROICGross Profit/AssetsFixed Asset TurnoverEquity TurnoverWorking Capital TurnoverPayables TurnoverCapital IntensityReceivables/RevenueInventory/RevenueEBIT/Assets

All Key Metrics — Thermax Limited